₿itcoin Debate- Michael Pento debates Saifedean Ammous

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Comment on ₿itcoin Debate- Michael Pento debates Saifedean Ammous by bitusher.

With regards to altcoins discussed in this debate –

1) The cryptocurrency ecosystem is highly correlated thus you are technically not getting any more diversification by investing in risky altcoins. You should have a diversified portfolio, but in uncoorelated asset classes like stocks, land, and a fiat emergency fund.

2) 100% bitcoin outperforms the returns of top 10 index fund, top 5 index fund, or top 20 index fund even if you reindex and even if you invest a % per market cap or % per liquidity during the last 2 years .

3) You are exposed to far more attack surface and risk and complexity by investing in many altcoins

4) You are undermining your principle investment in BTC by treating the whole ecosystem like some risky penny stock list instead of digital scarce money and ruining the network effect. Digital scarcity is a principle innovation and investing in altcoins is akin to adopting hyperinflation instead.

5) Most altcoins are scams or temporary memes that will come and go, thus you are playing hot potatoes where you constantly need to re-index into new altcoins instead of investing long term. There is a very long history of many examples of Bitcoin/blockchain 2.0 that were supposed to be better or overtake Bitcoin and quickly lost most value. Altcoins will always exist due to people with short term time preferences but this set of altcoins will come and go and be replaced by a newer fad.

6) There is a single cryptocurrency that has proven itself thus far to be truly decentralized against a formidable set of attackers during the segwit2x attack (most miners and most larger companies and some prominent oracles) and Bitcoin shrugged off the attack due to the right incentives being in place. No other coin has been tested or survived such test and the main reason why many of us out here is censorship free **decentralized** currency

bitusher Also Commented

₿itcoin Debate- Michael Pento debates Saifedean Ammous
That was interesting.

₿itcoin Debate- Michael Pento debates Saifedean Ammous
The guy on the left have Macron-like look.

₿itcoin Debate- Michael Pento debates Saifedean Ammous
I don’t think anyone in their right mind recommends to invest 100% in Bitcoin.

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With regards to altcoins discussed in this debate -

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